The current state of inflation is not domestic. It’s not wages, It’s global and driven by energy pricing greed. It’s Capitalist profit taking advantage and it needs to be stopped in it’s tracks. If the fossil fuel companies had been taxed and profits shared via royalties and higher wages inflation wouldn’t seem such a problem. The Reserve Bank raising interest rates won’t stop it. It’s global and Multinational Global Corporations are causing the price tsunami for their benefit alone.
If you own a car, pay energy bills, or buy groceries, then you have probably noticed that prices are soaring. The cost of food is up 10% and the cost of a gallon of gas is up 50% from a year ago. And in May this year, median monthly rent hit a record high at $2,002. We’re experiencing the highest levels of inflation in 40 years, which is taking a particularly harsh toll on low-income households.The Fed Should Not Punish Working People for Inflation Driven by Big Oil’s Greed | The Smirking Chimp